secwatch.observer — SEC 8-K summary
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Issuer:     SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK:        0000354963
Form:       8-K
Filed at:   2024-04-01T23:59:59+00:00
Accession:  0001171843-24-001743
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 3.02, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shentel completes Horizon acquisition for $305M cash + 4.1M shares; issues $81M preferred to ECP
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- Completed acquisition of Horizon Telcom, a commercial fiber provider in Ohio and adjacent states, effective April 1, 2024.
- Consideration: $305M cash to sellers/debt, ~$39M for capex reimbursements, and 4.1M shares of SHEN common to GCM Grosvenor.
- Shentel subsidiary issued 81,000 shares of 7% Series A Preferred Stock to ECP for $81M to help fund cash portion.
- Credit Agreement amended with $225M incremental term loans and $50M revolver increase; Shentel Broadband Operations assumes borrower role.
- Combined fiber network: ~15,400 route miles across 7 states; plans to pass ~600K homes/businesses with Glo Fiber by end of 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/354963/000117184324001743/0001171843-24-001743-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/354963/000117184324001743/f8k_040124.htm
  HTML page:      https://secwatch.observer/filing/0001171843-24-001743

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